Summary of Financial Results for Fiscal Period Ended June 30, 2022 (Infrastructure Fund)
Infrastructure Fund Issuer

Canadian Solar Infrastructure Fund, Inc.

S e c u r i t i e s C o d e
R e p r e s e n t a t i v e9284(Title)Asset Management Company

Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name)
Director
Financial Planning(Title)Department(Name)
CFO
Tel.
03(6279)0311

R e p r e s e n t a t i v e
C

o

n

t

a

c

t

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

August 16, 2022
L i s t e d S t o c k Tokyo StockE x c h a n g e Exchange
https://www.canadiansolarinfra.com/
Hiroshi Yanagisawa

URL(Name)

Executive Director

Hiroshi Yanagisawa
Keiichi Yoshida

Scheduled date ofcommencement of cash
distribution payment

September 29, 2022

September 15, 2022

YES
YES (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended June 30, 2022 (from January 1, 2022 to June 30, 2022)(1) Management Status(Percentage figures are the rate of period-on-period change)
Operating revenues
Million yen%
Fiscal period ended
Jun. 2022
Fiscal period ended
Dec. 2021

Operating income
Million yen%

Ordinary income
Million yen%

Net income
Million yen

%

4,060

13.1

1,743

29.6

1,509

34.4

1,509

34.4

3,587

4.7

1,344

(7.8)

1,123

4.5

1,122

4.5

yen

%

%

Ordinary profit tooperating revenue ratio
%

3,902

3.8

1.9

37.2

2,902

2.8

1.4

31.3

Profit per unit
Fiscal period ended
Jun. 2022
Fiscal period ended
Dec. 2021

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions
Distributions per
Total
Total
Distributions per
unit
distributions
Total
distributions
Distributions inunit (including(excluding(excluding
distributions in(includingexcess of
distributions in
distributions in
distributions inexcess of
distributions inearnings per unit
excess ofexcess ofexcess of
earnings
excess of
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen
Fiscal period
ended Jun. 2022
Fiscal period
ended Dec. 2021

Payout ratio

Ratio ofdistributions to
net assets

%

%

3,903

1,509

0

0

3,903

1,509

100.0

3.8

2,902

1,122

848

327

3,750

1,449

100.0

2.8

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) Total distributions in excess of earnings are all refunds of investments that constitute distributions on the decrease ofcapital contribution under the tax law.
(Note 4) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.009 for the fiscal period ended December 31.In
this regard, the ratio of the decrease in net assets is calculated according to Item 4, Paragraph 1, Article 23 of theOrdinance for Enforcement of the Corporation Tax Act.

- 1 -(3) Financial Position
Total assets
Million yen

Net assets
Million yen

79,47580,633Fiscal period ended
Jun. 2022
Fiscal period ended
Dec. 2021

Equity ratio

Net assets per unit%

yen

40,142

50.5

103,818

40,082

49.7

103,665(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen

2,602

(39)

(2,581)

5,082

5,588

(229)

(4,870)5,101Cash flows fromoperating activities
Fiscal period ended
Jun. 2022
Fiscal period ended
Dec. 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending December 31, 2022 (from July 1, 2022 to December 31, 2022), Fiscal
Period Ending June 30, 2023 (from January 1, 2023 to June 30, 2023) and Fiscal Period Ending December 31, 2023 (from July 1,
2023 to December 31, 2023)(Percentage figures are the rate of period-on-period change)
Operating revenues Operating income

Fiscal period
ending Dec.
2022
Fiscal period
ending Jun.
2023
Fiscal period
ending Dec.
2023

Ordinary income

Distributions perunit (excluding
distributions inexcess of
earnings)

Net income

Millionyen%

Millionyen%

Million
yen

3,725

(8.3)

1,404

(19.5)

1,190(21.1)

3,689

(1.0)

1,397

(0.5)

1,193

3,705

0.4

1,409

0.9

1,208

% Million yen

Distributions inexcess of earnings
per unit

Distributions perunit (including
distributions inexcess of
earnings)

%

yen

yen

yen

1,189

(21.2)

3,077

673

3,750

0.2

1,192

0.2

3,084

666

3,750

1.3

1,207

1.3

3,123

627

3,750

(Reference)
Fiscal period ending December 31, 2022 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 386,656 units, Forecast profit per unit: 3,077 yen
Fiscal period ending June 30, 2023 (181 days): Forecast total number of investment units issued and outstanding at end of theperiod: 386,656 units, Forecast profit per unit: 3,084 yen
Fiscal period ending December 31, 2023 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 386,656 units, Forecast profit per unit: 3,123 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Retrospective restatement
No(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
386,656
386,656
Jun. 2022
Dec. 2021
Fiscal period
Fiscal period(ii) Number of treasury units at end of period
00Jun. 2022
Dec. 2021(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 29 below.

* Summary of Financial Results is out of scope from the audit by chartered accountant or corporate auditor.

- 2 -

*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note
Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of the amountof cash distributions. For details of the assumptions underlying the forecast of management status, please refer to “Assumptions
Underlying Forecast of Management Status for Fiscal Period Ending Fiscal Period Ending December 31, 2022 (July 1, 2022 to
December 31, 2022) ,Fiscal Period Ending June 30, 2023 (January 1, 2023 to June 30, 2023) and Fiscal Period Ending December
31, 2023 (July 1, 2023 to December 31, 2023),” described on or after page 11 below.

- 3 -1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of June 30, 2022) were 386,656
units.
b. Investment Environment and management performance for the fiscal period under review
During the fiscal period under review, Japan’s economy performed better than expected in the preliminary estimate or theconsensus estimate of economists surveyed by Bloomberg, with real GDP in January-March 2022 declining by 0.1% quarter onquarter (0.5% on an annualized basis). Although Japan continues to see a certain level of coronavirus cases and deaths, a“living-with-COVID-19” policy of reopening the economy whilst accepting certain levels of infection is gaining traction, partly
thanks to the rollout of booster shots, and, as a result, a tendency towards a recovery in economic activity driven by the
consumption of services is expected to accelerate.
On the other hand, it is feared that Russia’s invasion of Ukraine will have global impacts on supplies of energy andagricultural commodities and, with Europe in particular teetering on the brink of an energy crisis, downside risks to theeconomic outlook have increased significantly. Russian energy resources account for 3.7% of Japan’s primary energy
consumption and, from a mid- to long-term perspective, Japan is once again under pressure to secure non fossil fuel energy
sources. Furthermore, Ukraine is one of the world’s largest producers of grain, making an especially significant contribution to
global production for barley, wheat and potatoes. Soaring grain prices as a result of grain shortages are, therefore, anticipated,with the impact on the Mediterranean Region and developing countries causing particular concern.
Looking at the monetary policies of central banks around the world, the FRB aggressively tightened its monetary policy
stance, with the Federal Open Market Committee (FOMC) deciding at its meeting on 14–15 June 2022 to raise the target range
for the federal funds rate by 75 basis points to 1.50–1.75%. Meanwhile, at the Monetary Policy Meeting on June 16-17, 2022,
the BOJ maintained its current monetary policy. As a result, unlike many central banks that are raising interest rates, Japan is
keeping interest rates low. Consequently, the yen has continued to weaken sharply against other major currencies since March
2022, creating a situation that will also have impacts for corporate earnings in the future.
Meanwhile, during the fiscal period under review, conditions on the Infrastructure Fund Market were such that investment
corporations maintained comparatively stable business operations despite the economic environment described above. The TSE
Infrastructure Fund Index also fluctuated in a comparatively narrow range, falling slightly at the beginning of 2022 to a low of
1,071.50 points on February 24 but then rallying and reaching a high of 1,160.00 points on June 9.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) toadjust the supply-demand balance, was implemented in the Kyushu Electric Power jurisdiction with respect to “renewableenergy power generation facilities” (Note 2) held by CSIF, for 10 days in January, two days in February, nine days in March,twelve days in April, and eight days in May, totaling 41 days during the period under review. This was much less frequent thanin the same period of the previous year. This reduction in frequency is perhaps attributable to a policy of securing electricity
from renewable energy sources in face of soaring global energy and raw material prices caused by Russia’s invasion of Ukraine
mentioned earlier. However, given that some output curtailments were introduced in the Tohoku Electric Power, Chugoku
Electric Power and Shikoku Electric Power jurisdictions in April 2022 and in the Hokkaido Electric Power jurisdiction in May
2022, these developments will need to be monitored in the future.
On October 22, 2021, the Cabinet approved the 6th Strategic Energy Plan. The 6th Strategic Energy Plan indicates the
direction of energy policies for achievement of carbon neutrality by 2050 (goal declared in October 2020) along with the newtarget of reducing greenhouse gas emissions by 46% by FY2030 and trying to push the reduction as high as 50% (targets
declared in April 2021) (Note 5). It positioned “overcoming issues in Japan’s energy supply-and-demand structure” as animportant theme (Note 5) and committed to maximizing efforts to realize Japan’s goal of “S+3E” (the conventional three E’s ofenergy security, economic efficiency, and environmental protection, plus safety) (Note 3). The ambitious new power-sourcecomposition for 2030 would be 36-38% for renewable energies (up from 22-24% in the current projected mix), 20-22% for- 4 -nuclear power (unchanged), 20% for LNG (down from 27%); 19% for coal (down from 26%), and 2% for oil (down from 3%).
The renewable energy mix would be 14-16% for solar power, 5% for wind power, 1% for geothermal power, 11% forhydroelectric power, and 5% for biomass.
As for the system to ensure a reserve of decommissioning costs for solar power generation facilities (Note 4), (i) this will
apply to all FIT- and FIP-certified solar projects (includes multiple solar projects) of 10 kW or more. (ii) As for the reserve
method, the 2020 Amendment to the Renewable Energy Special Measures Act stipulates that certified solar project developers
must reserve the decommissioning costs externally at the Organization for Cross-regional Coordination of Transmission
Operators (OCCTO) through direct withholding of the required amounts from revenue, in principle. However, in exceptional
cases, internal reserve will be permitted provided certain requirements are satisfied, and listed infrastructure funds will also be
permitted to opt for internal reserve upon satisfying certain conditions such as recording funds in their financial statements in an
appropriate manner. The decommissioning reserve scheme became applicable from April 2022.
Details of producer-side charges were previously expected to be determined by the end of the FY2021. However, the 6th
Basic Energy Plan approved by the Cabinet in October 2021 outlines the intention to continue considering the matter including
the need for introduction, aiming for smooth introduction of a producer-side charge scheme based on a policy that, on the major
premise of S+3E, utilization of renewable energy as the major power source will be ensured. Based on the judgment that, given
the circumstances, a decision is unlikely any time soon, the Subcommittee on Mass Introduction of Renewable Energy and
Next-Generation Electricity Networks indicated, at its meeting on December 24, 2021, a plan to consider at relevant meetings
the nature of recovery of expenses relating to transmission and distribution including producer-side charges aiming forrealization as soon as possible, with FY2024 in mind, and to aim to reach a conclusion during FY2022. Subsequently, at a
meeting on April 21, 2022, the Expert Committee for System Design of the Electricity and Gas Market SurveillanceCommission stated that the environment surrounding the electricity industry including energy policy had changed significantly
since the start of consideration of producer-side charges and, although certain energy sources such as solar power and wind
power are likely to be given some consideration, including from the perspective of “smooth introduction of a producer-side
charges scheme,” which was specifically mentioned in the 6th Basic Energy Plan, the aims and effects of a producer-side
charges scheme were consistent with the content and direction of current energy policy measures. As a result, the committee
stated that although no actual figures would be proposed at present, it was appropriate to continue considering the nature ofrecovery of expenses relating to transmission and distribution including producer-side charges at relevant meetings.
Under such conditions, during the fiscal period under review, CSIF did not acquire any new assets nor sell any of the assets it
owns but it continued to be the largest operator among listed infrastructure funds as of the end of the fiscal period under review,holding a portfolio consisting of 25 facilities (with a total panel output (Note 5) of 183.9 MW, a total acquisition price (Note 6)of ¥80.0 billion, and a total price (Note 7) of ¥76,365 million as of the end of the fiscal period under review.
(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively refers to a general electricity
transmission and distribution business operator (refers to a “general electricity transmission and distribution business operator” defined in
Article 2, Paragraph 1, Item 9 of the Electricity Business Act (Act No. 170 of 1964; including subsequent amendments; hereinafter referred toas the “Electricity Business Act”) and specified electricity transmission and distribution business operator (refers to “specified electricity
transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy power generation facilities(excludes facilities which fall into the category of real estate) defined in Article 2, Paragraph 2 of the Act on Special Measures Concerning
Promotion of Utilization of Electricity from Renewable Energy Sources (Act No. 108 of 2011, including subsequent amendments; hereinafterreferred to as the Renewable Energy Special Measures Act). The Renewable Energy Special Measures Act before amendment based on the
Act for Partial Amendment of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources byElectricity Utilities (2016 Act No. 59) is referred to as the “2016 Renewable Energy Special Measures Act” and the Renewable Energy
Special Measures Act after amendment based on the Act to Partially Amend the Electricity Business Act and Other Acts in Order to Establisha Resilient and Sustainable Electricity Supply System (Act No. 49 of 2020) is referred to as the “2020 Renewable Energy Special Measures
Act.”). For the purposes of this report, “renewable energy generation facilities, etc.” refers collectively to renewable energy generation
facilities, and real estate, real estate leases (includes subleases) and land lease rights (hereinafter referred to as the “site, etc.”) necessary to
install maintain and operate renewable, energy generation facilities. Hereinafter, any mention of “renewable energy power generation
facilities” or “renewable energy power generation facilities, etc.” which CSIF is said to have invested in or acquired or operate shall also
cover “renewable energy power generation facilities” and “renewable energy power generation facilities, etc.” that support CSIF’s assets
under management. The same shall apply hereunder. Renewable energy may also hereinafter sometimes be referred to as “renewables.”(Note 3) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.
(Note 4) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.
(Note 5) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. “Total panel output” shall mean the total
panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 6)The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning the acquisition of assets
and other acquisition costs, property taxes, city planning taxes, amount equivalent to consumption taxes, etc. and other commissions, etc.; thesame shall apply hereunder) specified in the sales agreement for each asset held. The term “total acquisition price” is total of the transaction
prices specified in the sales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply hereunder.
(Note 7) The term “price” refers to the price calculated based on appraised value as of the end of the fiscal period under review. The price of the- 5 -renewable energy power generation facilities at power plants from S-01 through S-18 is the total intermediate value calculated by CSIF
pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using the appraised value as of June 30, 2022 in the range stated in thevaluation report obtained from PricewaterhouseCoopers Sustainability LLC. The appraised value of renewable energy power generation
facilities at power plants from S-19 through S-25 is the total appraised value as of June 30, 2022, stated as the median in the valuation reportobtained from Kroll K.K., rounded down to the nearest ten million yen.

c. Overview of Financing
In the fiscal period under review, CSIF has not raisen any additional funds, including the issuance of new investment units,
borrowing of funds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF madea contractual repayment of ¥1,131 million at the end of the fiscal period under review, bringing the total amount of interestbearing debt as of the end of the fiscal period under review to ¥38,805 million (amount of borrowings ¥33,905 million andamount of investment corporation bonds ¥4,900 million). Consequently, the ratio of interest- bearing debt to total assets (ratio
of interest-bearing debt to total assets at the end of fiscal period) was 48.8%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating
agency.
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject
The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited

Japan Credit Rating Agency,
Ltd. (JCR)

inter-bond pari passu clause and for qualified institutional
investors only)
The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause)(Green bonds)

RatingRating Outlook

A

－

A

－

RatingRating Outlook

A-

StableA

StableCSIF received a credit rating from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency
Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

Long-term Issuer Ratingd. Overview of Business Performance and Distribution
As a result of the management described above, the business results in the fiscal period under review included operating
revenue of ¥4,060 million, operating income of ¥1,743, ordinary income of ¥1,509, and net income of ¥1,509 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of
the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit
available for distribution” as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of1957 including subsequent amendments, hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as“FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The
amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”;
CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods incalculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio (hereinafterreferred to as “payout ratio”; the payout ratio for the 10th fiscal period is 64.0%) determined by CSIF in light of the amount of
NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total- 6 -amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF
projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of NCF
remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of an energy
output value projected by professional specialists (P50) (Note) which forms the foundation for the calculation of rents withregard to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount of projected
NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash
distribution for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,509,118,368,
equivalent to 63.3% of projected NCF for the period of ¥2,382,855,627. Dividend per investment unit is ¥3,903 for the fiscal
period under review.
(Note) For a definition of “energy output value projected by professional specialists (P50)” in the context of this report, please refer to “Assumptions
Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2022 (July 1, 2022 to December 31, 2022), Fiscal PeriodEnding June 30, 2023 (January 1, 2023 to June 30, 2023), and Fiscal Period Ending December 31, 2023 (July 1, 2023 to December 31, 2023).

II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
When considering the outlook for the Japanese economy in the second half of 2022, although Japan continues to see a certain
level of coronavirus cases and deaths, a “living-with-COVID-19” policy of reopening the economy whilst accepting certain
levels of infection is gaining traction, partly thanks to the rollout of booster shots, and, as a result, a tendency towards a recovery
in economic activity driven by the consumption of services is expected to accelerate. However, the global surge in prices forenergy resources caused by Russia’s invasion of Ukraine and the yen’s sharp depreciation stemming from the general rise inglobal interest rates are both likely to have a major impact on the Japanese economy and must therefore continue to bemonitored.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure,with “S+3E” as the basic premise, that renewables become a major power source and to focus on renewables as an overriding
principle, encouraging maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local
communities (Note 1), and the 2030 energy mix also indicates an increase in the share of renewables, setting ambitious
forecasts.
However, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the output curtailment that requires renewable energy
power generation operators to temporarily suspend power generation through photovoltaic power generation facilities, etc. wasresumed in areas under the jurisdiction of Kyushu Electric Power from October 2019. In addition, some output curtailments
were introduced in the Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power jurisdictions in April 2022
and in the Hokkaido Electric Power jurisdiction in May 2022. It was also announced that 10-500 kW commercial solar
photovoltaic systems connected to the grid under the old rule (Note 2), which were previously not subject to output curtailment,
will also become subject to output curtailment. Furthermore, at a meeting of the Subcommittee on Mass Introduction of
Renewable Energy and Next-Generation Electricity Networks held on December 24, 2021, the idea that lowering the minimum
output of thermal power generation facilities would be an effective way to reduce the output curtailment of renewables was put
forward. Further consideration of this idea could potentially lead to solar power generation facilities that are currently subject to
output curtailment being less affected in the future.
Regarding producer-side charges, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b.
Investment Environment and Management Performance for the Fiscal Period Under Review” above, although it was decided
that it was appropriate to continue considering the nature of recovery of expenses relating to transmission and distribution
including producer-side charges, no particularly significant progress had been made as of the date of this document.
As stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the 2020 Amendment to the Renewable Energy Special
Measures Act was enacted in April 2022. Under this act, various measures such as the FIP system, system for nullifying
approvals and reserve of decommissioning costs for solar power generation facilities were introduced.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.
(Note 2) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the Act
on Special Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012, including
subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed demand, output
curtailment without compensation under the connection agreement may be required. The rule setting the maximum number of days of suchoutput curtailment at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule when the maximum duration
is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule are referred to collectively as the “oldrule.” The same shall apply hereunder.

- 7 -b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that hasdeveloped mainly in the photovoltaic power generation market in Europe and America and applies this model in the global
market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in andmanagement of photovoltaic power generation facilities) through the Sponsor Group (Note 4) based on the vertical integration
model for the construction of the value chain (Note 5) with the aim of creating mutual value should lead to the enhancement ofvalue for unitholders.
Specifically, CSIF intends to increase assets by utilizing the preferential trading negotiation right granted by the Sponsor
Group and acquiring photovoltaic power generation facilities, etc. whose value is high from the pipelines of the Sponsor.
In February 2021, Canadian Solar Group partnered with Macquarie Advisory & Capital Solutions (hereinafter referred to as“Macquarie”), the advisory and capital markets arm of the Macquarie Group (ASX:MQG) to establish Japan GreenInfrastructure Fund (hereinafter referred to as the “Fund”), which will invest in renewable energy power generation facilities,
etc., in Japan. Working with Canadian Solar Inc. and Macquarie, the Fund has secured ¥22 billion of committed capital todevelop, build and accumulate new renewable energy power generation facilities, etc. in Japan, and it aims to catalyze largescale investments within its six-year fund term. The Fund will indirectly invest in renewable energy power generation facilities,
etc. by holding a silent partnership equity interest (hereinafter referred to as the “Silent Partnership Equity Interest”) in SPCs of
the Sponsor Group. The renewable energy power generation facilities, etc. targeted for investment will include not only
renewable energy power generation facilities, etc. developed by the Sponsor but also renewable energy power generation
facilities, etc. in the seed stage that have been partway developed by a third party and that the Sponsor is expected to complete.
In this way, the Fund will support the development of renewable energy power generation facilities, etc. not only in terms ofimproving the efficiency of development of renewable energy power generation facilities, etc. by the Sponsor (accelerating
development via financial contributions from the Fund) but also in terms of identifying third party seed projects. These
renewable energy power generation facilities, etc. will be subject to the preferential trading negotiation right granted to CSIF
and the Asset Manager by the Sponsor in accordance with the Sponsor Support Agreement executed between CSIF, the AssetManager and the Sponsor. In addition to said preferential trading negotiation right granted under the Sponsor Support
Agreement, CSIF and the Asset Manager have also acquired a preferential trading negotiation right in relation to the Silent
Partnership Equity Interest held by the Fund in accordance with an Agreement Concerning Granting of Preferential Negotiation
Right executed on March 30, 2021 between CSIF, the Asset Manager and Green Infrastructure Fund Pte. Ltd., which is theGeneral Partner of the Fund. CSIF believes that establishment of the Fund will accelerate the development of projects by theSponsor, thereby enhancing the sponsor pipeline and opening up further opportunities for CSIF.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the AssetManager’s own network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim
for further external growth through the use of diverse acquisition methods including acquiring assets via the Fund and the bridgefund in addition to direct acquisitions from sellers.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic market,
ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, are verticallyintegrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose companies,
partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products and services
with each process.

(ii) Internal Growth Strategy
CSIF will contract out O&M to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides O&M
services in Japan, in principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential.
CSIF aims to thereby reduce the operational risk and operating costs by utilizing the services of CSOM Japan and placing a
blanket order, respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of
the Sponsor Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the lossof power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.

- 8 -In response to the output curtailment implemented by Kyushu Electric Power described in “(I. Process of Asset Managementin the Fiscal Period under Review) b. Investment Environment and Management Performance for the Fiscal Period Under
Review” above, CSIF performed construction in response to online output curtailment (output curtailment of photovoltaic
power generation facilities with a remote output controller installed; the same will apply below) at each of the power generation
plants which are assets in its portfolio as it did in the previous fiscal period. While all the power plants under Kyushu ElectricPower’s jurisdiction owned by CSIF are subject to the 30-day rule for output curtailment, the above construction required foronline output curtailment allows a shift from the previous all-day curtailment to hourly curtailment and reduction of a decreasein lease revenue caused by output curtailment. In addition, curtailment within a day is counted as one day regardless of theduration, which allows the power plant to respond to output curtailment during peak demand for electricity while complying
with the 30-day rule. As a result of further progress shifting to the online output curtailment arrangement during the fiscal period
under review, as of the end of the period, all photovoltaic power plants in Kyushu have shifted to online output curtailment. As
a result, CSIF succeeded in significantly reducing lost lease revenue due to curtailment compared with the same period of theprevious year and this significantly boosted operating revenue. In addition, CSIF is currently gradually installing online output
curtailment equipment at power plants outside the Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI
on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as
the basic ESG policy of the Asset Manager. Further, recognizing that climate change is an important environmental issue withpotential risks and opportunities when conducting business focused on the environmental pillar of ESG, we disclosed
information about initiatives to address climate change in line with the TCFD recommendations on February 14, 2022. On
March 1, 2022, the Asset Manager established the Sustainability Committee, which will be required to report to CSIF’s Boardof Directors at least twice a year going forward. Meanwhile, CSIF established a green finance framework (hereinafter referred
to as the “Green Finance Framework”) for the financing of activities that will provide environmental benefits, covering debt
financing such as green bonds and green loans, and on May 11,2020, CSIF acquired the highest green finance evaluation ofGreen 1(F) for the Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is an independent rating
agency. Its Evaluation was updated in May, 2021.
Updated on

Evaluating Agency

May 11, 2021

Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreenness (use of proceeds)

Green 1 (F)g 1 (F)Management, Operation and Transparenc

m 1 (F)CSIF has gradually concluded specified wholesale supplying agreements with respect to its assets, concluding an agreementwith Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawara-machi Power Plant, CS Daisen-cho Power Plant (A.B), CS
Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant, and an agreement with UPDATER, Inc. (changed its tradename from Minna-Denryoku, Inc. on October 1, 2021) for CS Marumori-machi Power Plant, thereby contributing to the sale ofclean renewable energy produced at each power plant.
(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public
offering, borrowings and other means in the acquisition of new assets, while watching changes in the financing environment
closely.
c Forecasts of Management Status
Forecast of management status for the fiscal period ending December 31, 2022 (July 1, 2022 to December 31, 2022), thefiscal period ending June 30, 2023 (January 1, 2023 to June 30, 2023) and the fiscal period ending December 31, 2023 (July 1,
2023 to December 31, 2023) is as follows. For details of the assumptions underlying the forecast of management status, pleaserefer to “Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2022 (July 1, 2022 to
December 31, 2022), the fiscal period ending June 30, 2023 (January 1, 2023 to June 30, 2023) and the fiscal period ending
December 31, 2023 (July 1, 2023 to December 31, 2023)” described below.

Fiscal period ending
Dec. 2022
Fiscal period ending
Jun. 2023
Fiscal period ending
Dec. 2023

Distributions
per unit
Distributions in(excludingexcess of
distributions inearnings per unit
excess of
earnings)

Distributions
per unit(including
distributions inexcess of
earnings)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

million yen

million yen

million yen

million yen

yen

yen

yen

3,725

1,404

1,190

1,189

3,077

673

3,750

3,690

1,400

1,196

1,195

3,091

659

3,750

3,705

1,409

1,208

1,207

3,123

627

3,750

- 9 -

III

Facts arising after the settlement of accounts
Not applicable.

- 10 -

Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2022 (July 1, 2022 to December 31,2022), the fiscal period ending June 30, 2023 (January 1, 2023 to June 30, 2023) and the fiscal period ending December 31, 2023 (July
1, 2023 to December 31, 2023)
Item
Calculation period

Portfolio

Assumptions
・ 11th fiscal period :from July 1, 2022 to December 31, 2022 (184 days)
・ 12th fiscal period :from January 1, 2023 to June 30, 2023 (181 days)
・ 13th fiscal period :from July 1, 2023 to December 31, 2023 (184 days)
・ Assumption is that CSIF has 25 photovoltaic power generation facilities, etc. that CISF had at
the end of June 2022 (hereinafter refer to as the "Assets in Possession").
・ These forecasts are based on the assumption that there shall have been no changes in thecomposition of CSIF’s portfolio (such as acquisition of new assets and dispositions of Projects
Held, etc.) until the end of the 13th fiscal period, December 31, 2023.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Additional Projects or disposal of the Projects Held, among other cases.
・ The lease agreements of the solar energy projects that CSIF intends to acquire will become
effective as of the acquisition date. CSIF’s leasing structure for its solar energy projects will becomprised of basic rent and variable rent as follows. Revenue forecasts for the 11th, 12th and13th fiscal periods are ¥3,725 million, ¥3,689 million and ¥3,705 million, respectively.
a) Basic rent for each solar energy project that CSIF intends to acquire is calculated asfollows:
Monthly projected energy output (P50) x (100-Y)% x 70% x FIT purchase price
Monthly projected energy output (P50) (Note 1) (Note 2) refers to such figure disclosed in thetechnical reports (an evaluation report of the system, the capacity, the relevant contracts attachedand continuity (performance degradation and environmental evaluation) of the solar energy
facility) that Canadian Solar Asset Management K.K., the asset manager of CSIF (the “AssetManager”) received from E&E Solutions Inc. Monthly projected energy output (P50) x (100-Y)% (Note 3) represents the amount after deduction of fees CSIF pays to the operators and fees
regarding management of the lessee.
b) Variable rents for each solar energy project that CSIF intends to acquire is calculated asfollows:
Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Operating revenues

Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % to themonthly actual energy output for each solar energy project by FIT purchase price will be
captured as a performance-related variable rent. In any case, if the calculation of the variable
rent is a negative number, it shall be deemed to be zero.
(*Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50%
probability by the third-party providers of the technical reports and other experts. The same applies
hereinafter.
(*Note 2) The calculation of the Acquired Projects during 7th period and 8th period is based on the estimatedmonthly power generation (P50) presented in the Technical Report, after deducting the rate ofcurtailment from third party research firm.
(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for Acquired Projects and Additional Projects.

・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the levelof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements will be renewed on equal terms under these
agreements.

- 11 -

Item

Operating expenses

Non-operating expenses

Borrowings

Number of investment units

Distributions per unit
(excluding distributions inexcess of earnings)

Assumptions
・ Among the operating expenses of the Assets in Possession, operating expenses other thandepreciation costs have been accounted for based on past figures for Acquired Projects andfigures provided by each owner at the time of acquisition of Additional Projects and estimatesfrom subcontractors, etc., taking into account variables. Such costs for the 11th, 12th and 13th
fiscal periods are assumed to be ¥859 million, ¥827 million and ¥830 million, respectively.
・ Of the expenses for the lease of the Assets in Possession, Property-related taxes are assumed tobe ¥6 million, ¥5 million and ¥6 million for the 11th, 12th and 13th fiscal periods, respectively.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Asset Manager's estimate have been taken into account. However, these figures
are subject to revisions as the actual figures can vary significantly depending on the operating
period and are paid in irregular intervals, in addition to any instances where unexpected repairs
are required.
・ CSIF expects to pay ¥225 million, ¥225 million and ¥225 million for the 11th, 12th and 13th
fiscal periods, respectively, as O&M fees.
・ CSIF assumed it will incur expenses related to land lease in the amounts of ¥61 million, ¥61
million and ¥61 million for the 11th, 12th and 13th fiscal periods, respectively, in connection
with the Assets in Possession.
・ CSIF has assumed that it will incur depreciation expenses, including certain ancillary expensesof ¥1,461 million, ¥1,464 million and ¥1,465 million for the 11th, 12th and 13th fiscal periods,
respectively. These figures are calculated using the straight-line method.
・ CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥213 million, ¥203 million and ¥201 million for the 11th, 12thand 13th fiscal periods, respectively.
・ CSIF’s balance of interest-bearing debt totals ¥38,805 million (borrowings and investment
corporation bonds) as of today. CSIF has assumed that the interest-bearing debt will be repaid
in the amounts of ¥1,116 million, ¥1,144 million and ¥1,130 million for the 11th, 12th and 13th
fiscal periods, respectively, by contracts.
・ CSIF anticipates that its LTV (loan-to-value) ratio will be approximately 48.6%, 48.0% and47.4% as of the end of 11th, 12th and 13th fiscal periods, respectively
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the date of this document, which is 386,656 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 13th fiscal
period ending December 31, 2023.
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as ofthe end of each fiscal period will be 386,656 units.
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the
cash distribution policy prescribed in CSIF’s Articles of Incorporation.
・ Changes in lessees, fluctuations in rental revenues due to changes in lease agreements,
fluctuations in energy output, unforeseeable repair and maintenance expenses incurred andother factors may lead to changes in the amount of distributions per unit (excluding
distributions in excess of earnings).

- 12 -

Item

Distributions in excess ofearnings per unit

Assumptions
・ Distributions in excess of earnings per unit will generally be based on the cash distribution
policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guideline.
・ CSIF intends to make cash distributions to its unitholders for each fiscal period using cash flow
generated by the renewable energy projects (the “Free Cash Flow” or “FCF”) (Note 1). The
amount available for distribution shall be calculated by multiplying FCF less any amountpayable to debt investors (the “Net Cash Flow”, or “NCF”.CSIF will incorporate the total
amount of net cash flow remaining after deduction of distributions from the preceding fiscal
periods in calculating the net cash flow) (Note 2) with the applicable payout ratio, which will be
determined by CSIF at its discretion for each fiscal period. Further, CSIF intends to make
distributions in excess of earnings for each fiscal period in order to realize such policy.
・ CSIF intends to maintain distributions per unit including distributions in excess of earnings in
the 11th fiscal periods around ¥3,750. Distributions in excess of earnings are assumed to be¥673 in the 11th period. Distributions per unit including distributions in excess of earnings in
the 12th period and in the 13th period are also ¥3,750. Distributions in excess of earnings are
assumed to be ¥666 in the 12th period and ¥627 in the 13th period. Distributions including
distributions in excess of earnings shall be calculated by multiplying anticipated NCF at the
beginning of each period with certain fixed ate. The rate is to be decided considering related
anticipated NCF at the beginning of each period, and is assumed to be 77.1% in the 11th fiscal
period.
・ Taking the economic environment, market environment of renewable energy power plantbusiness and financial condition of CSIF, etc. into account, CSIF can choose not to make
distributions in excess of earnings in order to spend for repair and capital expenditure, repay theborrowings, apply to a new asset acquisition and acquire own investment units, etc.
・ Since distributions in excess of earnings accompany decrease of a cash position, the possibilityof shortages of a cash position and the financial restriction for a swift assets acquisition canoccur when CSIF needs to spend for capital expenditure more than estimated because of
unexpected events.
(*Note 1) Free Cash Flow (FCF): Rent revenues minus expenses related to rent business and capital expenditures
related to assets. Expenses related to rent business include all cash expenses related to operation, including
payment of asset management fees and administrative service fees, but exclude interest payments related tointerest-bearing debt or other financing-related expenses.
(*Note 2) Net cash flow (NCF) for the applicable period: Free Cash Flow minus interest payments related to interestbearing debt and repayments of interest-bearing debt for the relevant fiscal period plus total amount of net cash
flow remaining after deduction of distributions from the preceding fiscal periods.

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic
trends or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on March 30, 2022 including subsequent amendments.)- 13 -

2. Financial Statement(1) Balance Sheet
9th Period(December 31, 2021)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Prepaid expenses
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Guarantee deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital- 14 -(Unit : thousand yen)
10th Period(June 30, 2022)

5,101,023
757,343
223,542
59,1306,141,040

5,082,280
1,148,662
163,589
75,5136,470,046

1,048,112(149,698)
898,41442,462,893(6,462,147)
36,000,745
590,890(90,792)
500,097
4,505,944
6,567,393(198,477)
6,368,915
20,271,746(703,763)
19,567,983
93,540(3,195)90,345
4,769,905
72,702,352

1,055,391(171,352)
884,038
42,434,266(7,330,697)
35,103,568
591,024(102,728)
488,296
4,505,944
6,569,721(319,920)
6,249,801
20,291,246(1,126,547)
19,164,699
93,540(5,114)88,425
4,769,905
71,254,680

1,156,098
780
1,156,878

1,156,923
2,761
1,159,685

558,86910
16
15,60037,790612,285
74,471,517

520,33510
12
15,60037,790573,747
72,988,113

20,481
20,481
80,633,040

17,701
17,701
79,475,861

47,2482,248,718
157,466
101,743944
304,665
1,010
2,861,797

69,7392,261,543
171,689
137,675852
148,202485
2,790,188

4,900,000
32,788,321
37,688,321
40,550,118

4,900,000
31,643,639
36,543,639
39,333,827

40,631,004(1,670,370)

40,631,004(1,998,255)

Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 15 -

38,960,634

38,632,749

1,122,287

1,509,284

1,122,287
40,082,921*1
40,082,921
80,633,040

1,509,284
40,142,034*140,142,034
79,475,861

(2) Statement of Income(Unit: thousand yen)
9th period(from July 1, 2021
to December 31, 2021)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating incomesInterest income
Dividends
Insurance income
Interest on refund
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)*1

3,587,363

10th period(from January 1, 2022
to June 30, 2022)*1

3,587,363*1- 16 -

2,033,809

4,060,575
4,060,575*1

2,090,621

111,737
27,8502,400
16366,741
2,242,703
1,344,659

127,390
27,8772,400
65
68,2612,316,616
1,743,958

26
8,194
327
411
8,960

26
0
3,259
3,285

160,345
19,262

151,215
18,947

2,779

2,779

37,766
10,309230,463
1,123,156
1,123,156
948
(3)
944
1,122,211
75
1,122,287

37,73026,635
237,310
1,509,933
1,509,933
856
4
861
1,509,072
211
1,509,284

(3) Statements of Changes in Unitholders’ Equity
9th Fiscal Period (From July 1, 2021 to December 31, 2021)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

Total net
assetsUnitholders’capital(net)Total
surplus(1,313,100)

39,317,904

1,073,432

1,073,432

40,391,337

40,391,337-(357,270)(357,270)--(357,270)(357,270)---(1,073,357) (1,073,357)(1,073,357) (1,073,357)

Net Income

-

-

-

1,122,211

1,122,211

1,122,211

1,122,211

Total changes of
items during the-(357,270)(357,270)

48,854

48,854(308,415)(308,415)*1 40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921

2021

40,631,004

Total
unitholders’equityCapitalsurplus orloss

Balance as of July 1,

Unitholders’capitalDeduction fromunitholders’capitalSurplus

Changes of items
during the period
Distribution inexcess of earnings
Dividend of
surplusperiodBalance as ofDecember 31, 2021

10th Fiscal Period (From January 1, 2022 to June 30, 2022)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921

Distribution inexcess of earnings-(327,884)(327,884)--(327,884)(327,884)

Dividend of
surplus---(1,122,075) (1,122,075)(1,122,075) (1,122,075)

Net Income

-

-

-

1,509,072

1,509,072

1,509,072

1,509,072

Total changes of
items during the-(327,884)(327,884)

386,996386,996

59,112

59,112*1 40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034

40,142,034

Balance as ofJanuary 1, 2022
Changes of items
during the period

periodBalance as of June30, 2022- 17 -

(4) Statements of Cash Distribution
Fiscal Period under Review(From July 1, 2021
to December 31, 2021)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained
earnings(Distributions in excess of retained
earnings)
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions(Note)

Fiscal Period under Review(From January 1, 2022
to June 30, 2022)
Unit: Yen

1,122,287,453

1,509,284,238

327,884,288-

1,449,960,000(3,570)1,122,075,712(2,902)
327,884,288

1,509,118,368(3,903)
1,509,118,368(3,903)
-

(848)

(-)

211,741
In accordance with Articles 47,
Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount ofcash distributions shall be the amount of
profit in excess of an amount equivalent
to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided tomake distributions of ¥1,122,075,712
which is the entire amount equivalent tothe unappropriated retained earnings forthe fiscal period under review of¥1,122,287,453 excluding fractions of
the distribution per unit that are less than
¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period
based on the cash distribution policy
prescribed in Article 47, Paragraph 2 of
CSIF’s Articles of Incorporation. Basedon this policy, CSIF decided to makecash distributions in excess of earnings(return of capital categorized as a
distribution of the reduction in capitalfor Japanese tax purposes) in theamount of ¥327,884,288 which isequivalent to 22.6% of the amount ofdepreciation expenses recorded for the
fiscal period under review of¥1,452,355,201.
Accordingly, the distribution per unitis ¥3,750.

165,870
In accordance with Articles 47,
Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount ofcash distributions shall be the amount of
profit in excess of an amount equivalent
to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided tomake distributions of ¥1,509,118,368
which is the entire amount equivalent tothe unappropriated retained earnings forthe fiscal period under review of¥1,509,284,238 excluding fractions of
the distribution per unit that are less than
¥1.
CSIF does not distribute cash inexcess of retained earnings based on the
cash distribution policy prescribed in
Article 47, Paragraph 2 of CSIF’s
Articles of Incorporation.
Accordingly, the distribution per unitis ¥3,903.

Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in
CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewable- 18 -

energy power generation facilities and if actual NCF calculated based on actual power generation during the applicable fiscal
period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of theamount of cash distributions for the applicable fiscal period. .
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,449,960,000 which isequivalent to 82.3% of forecast NCF amount for the fiscal period under review of ¥1,761,854,843. Of this, ¥327,884,288
which is the amount less of distributions of profit of ¥1,122,075,712 is distributions in excess
of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,509,118,368 which is equivalent
to 63.3% of forecast NCF amount for the fiscal period under review of ¥2,382,855,627.

- 19 -

(5) Statement of Cash Flow
9th period(From July 1, 2021
to December 31, 2021)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Other non-operating income
Loss on retirement of non-current assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of property and equipment
Purchases of intangible assets
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayment of long-term loans payable
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period(unit: thousand yen)
10th period(From January 1, 2022
to June 30, 2022)

1,123,156
1,452,355

1,509,933
1,452,880

2,779

2,779

(26)
179,607(411)
10,309249,570
75,4592,493,297
282,442(88,078)
38,533(5,601)30,089(12,051)(63,011)
5,768,420
26(178,642)(864)
5,588,939(26)
170,163(2,394)
26,635(391,318)(156,974)
59,952
38,533
17,432
27,30836,951(16,908)
2,774,951
26(171,183)(948)
2,602,846(229,777)(229,777)(37,272)(2,500)(39,772)(3,439,466)(1,073,357)(357,270)(4,870,093)
489,069(1,131,857)(1,122,075)(327,884)(2,581,817)(18,743)

4,611,954*1- 20 -

5,101,023

5,101,023*1

5,082,280

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.

(7) [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1. Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property
and equipment are as shown below:
Structures............................................... 22 - 25 years
Machinery and equipment..................... 22 - 25 years
Tools, furniture and fixtures.................. 22 - 25 years
Structures in trust .................................. 24 - 30 years
Machinery and equipment in trust......... 24 - 25 years
Tools, furniture and fixtures in trust...... 24 - 25 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassets
3. Standards for revenue and expense
recognition

Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among
other taxes, on the infrastructure assets held, of the tax amount assessed and determined,
the amount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental
expenses but included in the acquisition cost of the concerned infrastructure assets andother assets.

4. Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less atthe date of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5. Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

- 21 -

6. Other significant matters serving as
the basis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power
plants, all assets and liabilities within entrusted assets as well as all revenue andexpense items which occur to entrusted assets are recorded as the respective accounttitles on the balance sheet and statements of income. The following important accounttitles among the entrusted assets which are recorded as the respective account titles are
separately indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust.

- 22 -

(8) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofDecember 31, 2021

As ofJune 30, 2022
50,00050,000[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From July 1, 2021 to
December 31, 2021

From January 1, 2022 toJune 30, 2022

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)(Variable rent linked to actual output)(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

2,614,668

2,610,799

972,297

1,449,747

396

28

3,587,363

4,060,575

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

254,872

257,667(Repair and maintenance costs)

17,027

25,664(Taxes and duties)

194,394

243,240(Utilities expenses)

5,589

5,877

(Insurance expenses)

43,11037,243(Depreciation expenses)

1,451,961

1,452,362(Land rent)

60,187

61,917(Trust fees)

6,600

6,600

67

49

2,033,809

2,090,621

1,553,553

1,969,953(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)- 23 -

[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From July 1, 2021 to
December 31, 2021
Total number of authorized investment
units

From January 1, 2022 toJune 30, 2022

10,000,000 units

10,000,000 units

386,656 units

386,656 units

Total number of investment units issued
and outstanding[NOTES TO STATEMENT OF CASH FLOWS]*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From July 1, 2021 to
December 31, 2021
Cash and deposits

5,101,023

5,082,280--

5,101,023

5,082,280

Fixed term deposits exceeding 3 months
Cash and cash equivalents

From January 1, 2022 toJune 30, 2022

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

December 31, 2021

June 30, 2022

Within one year

5,213,614

5,190,132

Longer than one year

74,934,561

72,347,243

Total

80,148,175

77,537,376- 24 -

[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in themedium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed
to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriatebalancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate management ofvarious types of indexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2021, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits aresettled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included
int he table. Long-term deposits and Guarantee deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value(1) Current portion of long-term loans

Fair value

Difference

2,248,718

2,250,554

1,835(2) Long-term loans payable

32,788,321

32,993,351

205,030(3) Investment corporation bond

4,900,000

4,891,090(8,910)Total liabilities

39,937,039

40,134,995

197,955(4) Derivative transaction

-

-

-

payable(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting the totalsum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 25 -

The table below shows the book value and fair values of financial instruments as of June 30, 2022, and the difference between
them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits are settled in the
short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included int he table.
Long-term deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value(1) Current portion of long-term loans

Fair value

Difference

2,261,543

2,263,748

2,205(2) Long-term loans payable

31,643,639

31,870,125

226,486(3) Investment corporation bond

4,900,000

4,892,630(7,370)Total liabilities

38,805,182

39,026,504

221,322(4) Derivative transaction

-

-

-

payable(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting the totalsum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
(Note 2) Scheduled redemption amount of loans payables after the closing date (December 31, 2021)(Unit: thousand yen)
Within one
year
Long-term loans payable

2,248,718

2,275,477

2,228,931

2,270,245

2,256,998

23,756,669--

1,100,000-

3,800,000-

2,248,718

2,275,477

3,328,931

2,270,245

6,056,998

23,756,669

Investment corporation bond
Total

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

Scheduled redemption amount of loans payables after the closing date (June 30, 2022)(Unit: thousand yen)
Within one
year
Long-term loans payable

2,261,543

2,267,295

2,206,896

2,301,459

2,240,050

22,627,936--

1,100,000

3,800,000--

2,261,543

2,267,295

3,306,896

6,101,459

2,240,050

22,627,936

Investment corporation bond
Total

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

[NOTES ON SECURITIES]
Prior fiscal period (as of December 31, 2021)
Not applicable.
Current fiscal period (as of June 30, 2022)
Not applicable.
[NOTES ON DERIVATIVE TRANSACTIONS]- 26 -

1. Those to which hedge accounting is not applied
Prior fiscal period (as of December 31, 2021) and Current fiscal period (as of June 30, 2022)
Not applicable.
Prior fiscal period (as of December 31, 2021)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialInterest rate swap

Long-

treatment ofinterest rate
swap

transaction
Fixed payment/variable
receipt

term
loans
payableContract amount and other amounts
Longer than one
year

35,037,039

32,788,321

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-termloans payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”

Current fiscal period (as of June 30, 2022)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialtreatment ofinterest rate

Interest rate swap
transaction
Fixed payment/variable

Longterm
loans

swap

receipt

payableContract amount and other amounts
Longer than one
year

33,905,182

31,643,639

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-termloans payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of December 31, 2021)
Not applicable.
Current fiscal period (as of June 30, 2022)
Not applicable.

- 27 -

[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
December 31, 2021
Accrued business tax not deductible from taxable

Fiscal period ended
June 30, 2022
16

12

Total deferred tax assets

16

12

Net amount of deferred tax assets

16

12

income2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
December 31, 2021
Effective statutory tax rate

Fiscal period ended
June 30, 2022

31.46%

31.46%(31.43)%(31.44)%

Others

0.05%

0.04%

Rate of burden of corporate tax and other taxes after
the application of tax effect accounting

0.08%

0.06%

(Adjustment)
Dividends paid deductible for tax purpose[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from July 1, 2021 to December 31, 2021)
Not applicable.
Current fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from July 1, 2021 to December 31, 2021)
Not applicable.
Current fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from July 1, 2021 to December 31, 2021)
Not applicable.
Current fiscal period (from January 1, 2022 to June 30, 2022)
Not applicable.
With respect to some of the renewable energy power generation facilities that the Investment Corporation owns directly oras assets in trust, it bears the obligation of restoring relevant sites to their original conditions according to land lease contracts
concluded with landowners. With these contracts being subject to automatic renewal, expected to be renewed unless there are
special circumstances, or being highly likely to be renewed or re-concluded, the Investment Corporation has difficulty inreasonably estimating until when such contracts will remain effective. It therefore has not posted asset retirement obligations
to reflect the said obligation. In addition, the Investment Corporation considers that the possibility of such contracts being
cancelled is extremely low because it is difficult to use land covered by the contracts for purposes other than renewable energy
power generation facilities.

- 28 -

[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
December 31, 2021

Fiscal period ended
June 30, 2022

Book value (Note 2)
Beginning balance
Change during the period(Note 3)Ending balance
Fair value at the end of the period(Note 4)75,265,664

73,858,451(1,407,212)(1,446,847)

73,858,451

72,411,603

77,172,000

76,365,000(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to thebook value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended December 31, 2021 primarily consisted of the increase due to capital expenditure for photovoltaic power
generation facilities (56,299 thousand yen), and the decrease due to depreciation expenses (1,451,961 thousand yen). And the change during theperiod ended June 30, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic power generation facilities (32,150
thousand yen), and the decrease due to depreciation expenses (1,452,362 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporationon the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on December 31, 2021 and June 30,
2022, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the medianamount on the basis of the appraised value stated in the valuation report with the date of the value opinion on December 31, 2021 and June 30, 2022,
which was obtained from Kroll International Inc (for S-19 to S-25). The fair value which is the total sum of the median amount stated in thevaluation report of Kroll International Inc is rounded down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended December
31, 2021 (the 9th period) and the fiscal period ended June 30, 2022 (the 10th period) are as stated in the “Notes to statement ofincome” above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from July 1, 2021 to December 31, 2021)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 29 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,380,145

LOHAS ECE 2 G.K.

1,102,037

Tida Power 45 G.K.

104,783

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental businessCurrent fiscal period (from January 1, 2022 to June 30, 2022)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,738,121

LOHAS ECE 2 G.K.

1,322,425

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Prior fiscal period
From July 1, 2021
December 31, 2021
Net assets per unit
Net income (Net loss) per unit

Current fiscal period
From January 1, 2022
June 30, 2022

103,665 yen
2,902 yen

103,818 yen
3,902 yen

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Prior fiscal period
From July 1, 2021
December 31, 2021
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit
holders (Thousand yen)
Average number of investment units during the period(Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.

- 30 -

Current fiscal period
From January 1, 2022
June 30, 2022

1,122,211

1,509,072--

1,122,211

1,509,072

386,656

386,656

(9) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeMay 18, 2017
October 27, 2017

Establishment upon
private placement
Capital increase by
public offering

Balance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)-

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)-

231,190(420)

21,482(Note 8)-231,190(133)

21,349(Note 9)-231,190(309)

21,039(Note 10)-

231,190(163)

20,876(Note 11)

151,500

382,690

18,10638,982(Note 12)-382,690(138)

38,843(Note 13)

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)

Capital increase by
November 28, 2017

third-party
allotment

September 5, 2018

September 14, 2018

Capital increase by
public offering
Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by

October 4, 2018

third-party
allotment

March 14, 2019

Cash distribution inexcess of earnings(refund ofinvestment)

September 17, 2019

March 17, 2020

Cash distribution inexcess of earnings(refund ofinvestment)
Cash distribution inexcess of earnings(refund ofinvestment)

September 15, 2020

March 5, 2021

March 16, 2021

April 7, 2021

Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by
public offering
Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by
third-party
allotment

Cash distribution inexcess of earnings
September 15, 2021
(refund ofinvestment)- 31 -

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeMarch 15, 2022

Cash distribution inexcess of earnings(refund ofinvestment)

Balance-

386,656

Total amount of unitholders'
capital (Note 1) (million yen)
Change(327)

Remarks

Balance

38,632(Note 16)

(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.

(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.

(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.

- 32 -

3. Reference(1) Conditions of Investment(as of June 30, 2022)
Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)

Hokkaido/Tohoku% of total AUM(Note 3)914,362

1.2

Kanto

2,131,384

2.7

Tokai

5,152,990

6.5

Chugoku/Shikoku

9,122,956

11.5

Kyushu19,154,208

24.1

36,475,903

45.9

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.8

Tokai

63,3090.1

Chugoku/Shikoku

560,1960.7

3,184,875

4.0

4,505,944

5.7

Hokkaido/Tohoku

69,4170.1

Kanto

59,1970.1

Tokai332,421

0.4

3,415

0.0

692,4710.9

1,156,923

1.5

Hokkaido/Tohoku

3,384,468

4.3

Kyushu22,118,457

27.8

25,502,926

32.1

116,7480.1

4,653,157

5.9

4,769,905

6.0

Hokkaido/Tohoku

4,533,967

5.7

Kanto

2,839,174

3.6

Tokai

5,548,721

7.0

Chugoku/Shikoku

9,686,569

12.2

Kyushu49,803,171

62.7

72,411,603

91.1

Solar energy facility etc. total

72,411,603

91.1

Saving/other assets

7,064,257

8.9

Asset total (Note 2)

79,475,861

100.0

Solar energy facility

Subtotal

Land

KyushuSubtotal

Land lease

Chugoku/Shikoku
KyushuSubtotal
Solar energy facility in trust
Subtotal
Land in trust

Hokkaido/Tohoku
KyushuSubtotal

Solar energy facility etc.

Subtotal- 33 -

Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)% of total AUM(Note 3)

Total liabilities

39,333,827

49.5

Total net assets

40,142,034

50.5(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken. “Kanto”

denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Nagano-ken and Niigataken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken. “Chugoku and Shikoku”
denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken, Tokushima-ken and Ehime-ken.

“Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasaki-ken, Saga-ken and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of June 30, 2022.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 34 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 25 solar energy projects as of June 30, 2022.

Asset #

Site Area
2(m )PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

February 26,

September 16,

2013

2034

Category

Project nameLocation

Solar Plant

CS Shibushi-shi

Shibushi-shi,etc.

Power Plant

Kagoshima

Solar Plant

CS Isa-shi Power

etc.

Plant

Solar Plant

CS Kasama-shi

Kasama-shi,

42,666etc.

Power Plant

Ibaraki(Note 1)

Solar Plant

CS Isa-shi Dai-nietc.

Power Plant

Isa-shi, Kagoshima

31,81836

S-05

Solar Plant
etc.

CS Yusui-cho
Power Plant

Aira-gun,Kagoshima

25,27436

March 14,2014

August 20,
2035

S-06

Solar Plant
etc.

CS Isa-shi Daisan Power Plant

Isa-shi, Kagoshima

40,73640

February 26,
2013

September 15,
2035

Solar Plant

CS Kasama-shi
Dai-ni Power

Kasama-shi,

53,27540

January 25,

September 23,

2013

2035

30,24636

45,740

40

S-01
S-02
S-03
S-04

S-07

S-08

S-09

etc.

Plant

Solar Plant

CS Hiji-machi

etc.

Power Plant

Solar Plant
etc.

CS Ashikitamachi Power
Plant

Isa-shi, Kagoshima

IbarakiHayami-gun, Oita
Ashikita-gun,
Kumamoto

19,86140

22,22340
40

CS
Minamishimabar
S-10

Solar Plant
etc.

a-shi Power Plant(East) / CS
Minamishimabar
a-shi Power Plant(West)

Minamishimabarashi, Nagasaki

56,06640

February 26,
2013
January 25,
2013
October 2,
2013

July 16, 2013

June 8, 2035
June 25, 2035
June 28, 2035

October 12,
2035

February 26,

December 10,

2013

2035

February 26,
2013 (East)
February 26,

December 24,
2035 (East)
January 28,

2013 (West)2036 (West)

S-11

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

44,90432

December 11,
2014

December 6,
2036

S-12

Solar Plant
etc.

CS Kannami-cho
Power Plant

Tagata-gun,Shizuoka

41,33936

March 31,2014

March 2, 2037

S-13

Solar Plant
etc.

Kamimashiki-gun,
Kumamoto

638,552(Note2)36

October 24,
2013

June 1, 2037

CS Mashikimachi Power
Plant

S-14

Solar Plant
etc.

CS Koriyama-shi
Power Plant

Koriyama-shi,
Fukushima

30,376(Note1)32

February 27,
2015

September 15,
2036

S-15

Solar Plant
etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi,
Okayama

31,05932

September 26,
2014

June 29, 2037

S-16

Solar Plant
etc.

CS Ena-shi
Power Plant

Aza Ochise,
Kusumi, Osashimacho, Ena-shi, Gifu

37,37332

February 24,
2015

September 12,
2037- 35 -

Asset #Category

Project name

Site Area
2(m )Location

PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

Aza Magoese,

S-17

Solar Plant
etc.

CS Daisen-choPower Plant (A)and (B)

Toyofusa, Daisencho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisencho, Saihaku-gun,Tottori (B)452,760(Note 3)40

February 22,2013 (A)August 9,

February 28,
2013 (B)2037

January 30,

October 9,

2015

2037

January 6,

March 26,

2015

2037

Solar Plant

CS Takayama-

Shingumachi,

16,278etc.

shi Power Plant

Takayama-shi, Gifu

(Note 1)CS Misato-

Misato-machi,

etc.

machi Power
Plant

Kodama-gun,
Saitama

25,31532

S-20

Solar Plant
etc.

CS Marumorimachi Power
Plant

Marumori-machi,
Igu-gun, Miyagi

65,306(Note 4)36

February 28,
2014

July 12, 2038

S-21

Solar Plant
etc.

CS Izu-shi PowerPlant

Ono Aza Okubo,
Izu-shi, Shizuoka

337,160

36

March 31,2014

November 29,
2038

42,977

24

November 18,

July 15,

2016

2039

Osaki-shi, Miyagi

26,051

21

March 27,

July 21,

2018

2039

Hayami-gun, Oita

1,551,086(Note 5)40

March 15,2013

October 30,
2039

123,624

32

February 9,
2015

March 19,
2040

S-18

S-19

Solar Plant

32

CS Ishikari
S-22

S-23

Solar Plant

Shinshinotsu-

Ishikari-gun,etc.

mura Power
Plant

Hokkaido

Solar Plant
etc.

S-24

Solar Plant
etc.

S-25

Solar Plant
etc.

CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi
Dai-ni PowerPlant
CS Ogawaramachi Power
Plant

Shibata-gun,
Miyagi(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.
(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we hold aneasement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the right to lease land andthe land where we hold an easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land

where we hold an easement.
(Note 5) Site area for the portion of the solar energy plants and high-voltage land and access roads under ownership and right to lease land is shown and excludes
the portion of the land where we hold an easement.

- 36 -

Certified
Operator

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)494

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

Tida Power 01 Kyushu Electric
G.K
Power Co., Inc

540

CS Isa-shi Power
Plant

Tida Power01 Kyushu Electric
G.K.
Power Co., Inc

372

CS Kasama-shi

Tida Power01

Power Plant

G.K.

CS Isa-shi Dai-

Tida Power01 Kyushu Electricni Power Plant

G.K.

CS Yusui-cho

Tida Power01 Kyushu ElectricPower Plant

G.K.

CS Isa-shi Daisan Power Plant

Tida Power01 Kyushu Electric
G.K..
Power Co., Inc

S-02

S-03

S-04

S-05

S-06

S-07

CS Kasama-shi
Dai-ni Power
Plant

S-08

CS Hiji-machi
Power Plant
CS Ashikita-

S-09

machi Power
Plant
CS
Minamishimabar
a-shi Power

S-10

Plant (East) / CS
Minamishimabar
a-shi Power

Tida Power01
G.K..

Appraisal value of solar
Fiscal period end
plantsbook value(million yen)(Note 3)(million yen)(upper : solar energy(Note 4)
facility)(lower : land)

358
466
136
310
329

311
19

TEPCO Energy

693

Partner,

907

921

789
228

Incorporated

649
778

Power Co., Inc

683

642
33
561

670

Power Co., Inc

589

555
27
791

949

845

788
53

TEPCO Energy
Partner,

749
850

795

695
45

Incorporated

879

Tida Power01 Kyushu Electric
G.K.
Power Co., Inc

1,029

Tida Power01 Kyushu Electric
G.K..
Power Co., Inc

989

913

845
33
857

891

820
33

1,534
Tida Power 01 Kyushu Electric
G.K.
Power Co., Inc

1,733

1,610

1,440
75

Plant (West)
S-11

CS Minanomachi Power
Plant

S-12

CS Kannami-cho
Power Plant

CS MashikiS-13

machi Power
Plant

Tida Power01
G.K.
Tida Power01
G.K..

Tida Power01
G.K.

TEPCO Energy
Partner,

777
1,018

1,024

914
247

Incorporated
TEPCO Energy
Partner,

465
514

504

482

Incorporated

38

Kyushu ElectricPower

16,574

Transmission
and Distribution

19,751

19,994

16,8593,420

Co., Inc.
S-14

CS Koriyamashi Power Plant

176

Tida Power01 Tohoku Electric
G.K..
Power Co., Inc.

246

227

221
51

- 37 -

Asset #

S-15

S-16

Project name

Certified
Operator

CS Tsuyama-shi

Tida Power01

Power Plant

G.K..

CS Ena-shi

Tida Power01

Power Plant

G.K..

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)746

680

The Chugoku

545Electric Power
Co., Inc.

711

Electric Power
Miraiz Co., Inc.

757

746

S-17

S-18

S-19

CS Takayamashi Power Plant

Tida Power01
G.K.

CS Misatomachi Power

Tida Power01

Plant
CS MarumoriS-20

S-21

G.K..

machi Power
Plant

G.K.

Tida Power01
G.K.

CS Izu-shi

Tida Power01

Power Plant

G.K..

CS Ishikari
S-22

S-23

S-24

Shinshinotsumura Power
Plant
CS Osaki-shi
Kejonuma
Power Plant

Distribution
Company,
Incorporated

8,982
10,447

9,320

The Chubu
Electric Power

234
326

294

270
59

Miraiz Co., Inc.
TEPCO Energy
Partner,

297
470

413

440

Incorporated

116

TohokuElectric

721

Power Network
Co.,
Inc.

850

738

TEPCO Power
Grid,

3,865
4,569

4,091

4,179
226

Incorporated

533

Electric Power
Network,
Incorporated

680

599

679
65
153

208

193

210
39

Kyushu Electric
PowerTransmission
and Distribution759
16

Tohoku Electric
Tida Power01 Power Network
G.K.
Incorporated
Company

CS Hij-machi Dai- LOHAS ECE2ni Power Plant
G.K.

8,950
338

Hokkaido
Tida Power01
G.K.

616
35

Chugoku
CS Daisen-choPower Plant (A)and (B)

735
135

The Chubu

Electric Power
Tida Power01 Transmission &Appraisal value of solar
Fiscal period end
plantsbook value(million yen)(Note 3)(million yen)(upper : solar energy(Note 4)
facility)(lower : land)

22,011
27,851

26,781

27,073
4,770

Co., Inc.

S-25

CS Ogawaramachi Power Plant

Tida Power 01 Tohoku Electric
G.K.
Power Network(Note 6)

2,645
2,745

2,687

2,661
41

Co.,Inc.

66,080Total

80,001

76,36572,411
10,285(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41,- 38 -

paragraph 1 of the CSIF's Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC
and, for S-19 to S-25, the fiscal period end valuation is based on the median amount, which is rounded down to the nearest million yen, provided to
us by Kroll International Inc. in its project valuation report.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above isstated, and on the lower row, an amount stated in the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Realestate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mashiki-machi Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from the signing
date of the Property Purchase Agreement.

- 39 -

b. Revenue and expenses of individual renewable energy power generation facilities
Nineth fiscal period (from January 1, 2022 to June 30, 2022)(Unit: thousand yen)
Asset number

S-01
Total portfolio

Project name

S-02

S-03

S-04

S-05

CS ShibushiCS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
shi Power Plant Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

2,610,799

18,44014,09534,78829,06026,4181,449,747

5,386

5,707

9,993

12,249

6,377

28

0

-

-

-

-

4,060,575

23,82819,802

44,782

41,31032,796

243,240

1,400

1,090

2,481

2,395

2,076

243,240

1,400

1,090

2,481

2,395

2,076

-

-

-

-

-

-

395,018

2,414

2,611

3,572

4,893

4,856

257,667

2,155

1,610

2,914

2,893

3,213

(Repair and maintenance costs)

25,664

-

-

220

-

-

(Utilities expenses)

5,877

-

-

-

-

-

(Insurance expenses)

37,243

258

203

438

408

378

(Land rent )61,917

-

797

-

1,590

1,263

(Trust fees)

6,600

-

-

-

-

-

49

-

-

-

-

-

Depreciation cost

1,452,362

9,539

7,924

14,483

16,533

14,358(Structures)

21,654

468

256

345

306

605

(Machinery and equipment)

872,626

9,029

7,650

14,104

16,186

13,517(Tools, furniture and fixtures)

11,935

41

17

33

41

235

(Structures in trust)

121,442

-

-

-

-

-

(Machinery and equipment intrust)

422,783

-

-

-

-

-

1,919

-

-

-

-

-

2,090,621

13,355

11,625

20,537

23,822

21,2901,969,953

10,473

8,177

24,245

17,487

11,505

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 40 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

35,15134,36537,37235,20862,521

14,338

13,697

22,236

16,00833,501

-

27

-

-

-

49,49048,09059,60851,21796,023

Taxes and duties

2,882

2,710

3,299

3,071

5,400

(Property-related taxes, etc.)

2,882

2,710

3,299

3,071

5,400

-

-

-

-

-

6,418

5,940

6,354

6,090

10,533

3,719

2,878

4,248

3,900

5,515

205

255

-

-

-

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

456

410

548

508

757

(Land rent )

2,036

2,396

1,557

1,681

4,260

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,97017,604

22,162

20,30135,397(Structures)

290

247

835

1,441

755

19,62817,314

21,24818,60834,392(Tools, furniture and fixtures)

51

42

78

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29,271

26,256

31,81529,463

51,331

20,21821,834

27,79321,753

44,692

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.

(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)(Unit: thousand yen)

- 41 -

Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plan
Power Plan
Power Plan

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

34,981

19,347654,533

7,962

23,931

10,801

9,032

369,157

4,165

11,850

-

-

-

-

-

45,78328,379

1,023,691

12,12835,781

2,886

1,541

61,549

869

2,624

2,886

1,541

61,549

869

2,624

-

-

-

-

-

4,620

4,093

83,177

1,218

3,374

3,814

1,809

70,219

829

3,084

293

371

3,408

277

-

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

512

233

9,493

110

288

(Land rent )

-

1,678

55

-

1

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,211

9,662

338,329

4,191

13,146(Structures)

766

380

3,646

327

379

15,4459,226

326,780

3,864

12,462(Tools, furniture and fixtures)

-

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

-

-

-

-

-

23,71815,297

483,056

6,279

19,14522,06413,081

540,634

5,849

16,636

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)(Unit: thousand yen)

- 42 -

Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Ena-shi PowerCS Takayama-shi CS Misato-machi
Power Plant (A)
PlantPower Plant
Power Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

26,000322,958

10,90815,14532,065

5,789

259,138-

6,926

10,421

-

-

-

-

-

31,790582,096

10,90822,072

42,487

2,776

38,623

1,362

2,032

4,056

2,776

38,623

1,362

2,032

4,056

-

-

-

-

-

8,937

62,128

4,265

2,318

11,124(Management entrustment
expenses)

2,772

43,632

2,516

1,425

3,030

(Repair and maintenance costs)

4,653

160

1,600

701

3,058

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

325

5,844

148

191

366

(Land rent )1,187

12,491

-

-

4,669

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,510214,569

4,881

7,602

17,059(Structures)

589

4,905

344

176

503

13,823208,881

4,524

7,345

16,320(Tools, furniture and fixtures)

97

782

12

79

234

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26,224

315,321

10,50911,95332,2395,565

266,774

399

10,118

10,247

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)(Unit: thousand yen)

- 43 -

Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plant

CS Ogawaramachi
Power Plant

154,247

21,3896,664

851,537

101,700

89,977

14,0503,964

470,887

44,084

-

-

-

0

-

244,225

35,44010,6281,322,425

145,784

20,9672,311

654

66,926

7,251

20,9672,311

654

66,926

7,251

-

-

-

-

-

26,418

6,087

3,314

97,32822,921

13,018

3,111

1,372

62,96011,017

601

1,980

1,505

4,005

2,365

(Utilities expenses)

-

-

-

5,877

-

(Insurance expenses)

1,625

395

136

12,072

1,129(Land rent )11,173

-

-

8,763

6,310

(Trust fees)

-

600

300

3,600

2,100

(Other rental cost)

-

-

-

49

-

Depreciation cost

87,776

12,9953,600

475,277

54,273(Structures)

4,082

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,421

-

-

-

-

-

527

300

114,025

6,589-

12,4273,276

360,22946,850

-

40

23

1,021

833

135,161

21,394

7,570

639,532

84,446109,063

14,046

3,058

682,893

61,338

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)(3) Plan for capital expenditure
Not applicable.

- 44 -

(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)
CS Mashiki-machi Power Plant(Kamimashiki-gun, Kumamoto)PurposeProtection work for piping

CS Izu-shi Power Plant

Repair work for maintenance road(Izu-shi, Shizuoka)

in the site

CS Ishikari Shinshinotsu-muraPower Plant(Ishikari-gun Hokkaido)

Implementation period
From February 1, 2022
To February 28, 2022
From April 18, 2022
To June 2, 2022

Replacement work of barbed wire

From June 27, 2022of fences

To June 30, 2022

CS Hiji-machi Dai-ni Power Plant

Remodeling work for online

From July 1, 2021

(Hayami-gun, Oita)

curtailment

To February 10, 2022

Other Power Plants

Amount paid
(thousand yen)
2,999
2,970

1,030

19,500
5,650

Total

32,150- 45 -